Financing

Discussion in 'Ask An Owner Operator' started by bignick, Jan 23, 2016.

  1. bignick

    bignick Light Load Member

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    anyboby have and suggestion on financing options? Less than 550 credit score. Thanks.
     
  2. Straight Stacks

    Straight Stacks Paper Cha$er

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  3. Chinatown

    Chinatown Road Train Member

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    Cardinal Logistics if you want to haul their freight.
     
  4. J.S.

    J.S. Medium Load Member

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    Lol...hoots love when patience is the only alternative. O&O
     
  5. Trubb43

    Trubb43 Light Load Member

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    Mission financial out of az
     
  6. Opus

    Opus Road Train Member

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    My experience was that despite a very, very strong credit score (825), the fact that I didn't have a lot of OTR experience at the time, the best I could do was 25% down and 26% interest over the course of the loan.
    My point is this, if you have a weak credit score, AND not a lot of experience, you'll have a tough row to hoe. Good luck......
     
    uncleal13 Thanks this.
  7. spax

    spax Medium Load Member

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    That's insane. 825 score and 26% interest? I can't imagine a situation with 25% down and that good of credit you'd pay that much.
     
    SheepDog Thanks this.
  8. Opus

    Opus Road Train Member

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    kinda what I thought, but according to the guy at SelecTrucks it was because I had only been driving for a year. But, I didn't get an 825 credit score by taking on those kinds of loans, sooooooooo......no deal.
    What I did was lease a used '09 Cascadia from Schneider for 2 years. At the end of the 2 years it had a $24k balloon that they would have happily financed, but by that time, I had saved enough money to buy it outright. So, while I can't recommend that course of action with any other company, it did work out very well with Schneider.
     
    marylegal2001 and TruckerNerd Thank this.
  9. TheDudeAbides

    TheDudeAbides Medium Load Member

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    Dipschitt, did you try to get a loan from a bank or credit union? I'm in the same position right now that you were in. I'm not looking to finance $100k, prob more in the $40-50k range, possibly less. I was hoping with great credit and 10% down i'd be good but after hearing your story who knows.
     
  10. gokiddogo

    gokiddogo Road Train Member

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    If you own your home can't you get a home equity line of credit? Rate is usually much better ...
     
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